Legislation
Budget announcement on High Income Child Benefit Charge (HICBC)
Date
Summary
The 2024 Chancellor’s Budget also announced a change to the threshold for the High Income Child Benefit Charge (HICBC). The threshold has increase from £50,000 to £60,000 in April 2024 and that means that the top of the threshold had also changed from £60,000 to £80,000.
There is an intention to reform the HICBC, but this is something likely to take a couple of years to push through. The nature of the reform will likely require HMRC to collect additional information to achieve a household income eligibility test. This may require changes to software, but the threshold change as it stands is something which happens outside of payroll.
Payroll Legislation Guide
July – August 2024 | Election edition Do you know the dates of all the complex payroll legislation changes? Are you aware of what you need to do to ensure your business…